Gold slipped on Thursday, August 3, after nearing a seven-week high in the previous session as investors squared positions ahead of U.S. jobs data which should give further clues on the outlook for interest rate rises.
Gold has rallied through most of July as the dollar fell on reduced expectations for a U.S. rate increase this year.
A slower pace of rate hikes tends to boost gold by lowering the opportunity cost of holding non-yielding bullion and by weighing on the dollar, making dollar-priced gold cheaper for
non-U.S. investors.
Spot gold fell 0.2 percent to $1,263.96 per ounce by 1010 GMT after touching $1,258.20 earlier in the session, its lowest in almost a week.
U.S. gold futures for December delivery fell 0.7 percent to $1,269.30 per ounce.
The dollar steadied above a 2-1/2-year low versus the euro hit in the previous session, but was still looking wobbly due to doubts about whether there will be another U.S. interest rate rise this year.
Silver slipped 0.4 percent to $16.48 per ounce after hitting its lowest in more than one week earlier in the day.
Platinum rose 0.2 percent to $944.50 per ounce after rising to its highest since June 14 in the previous session.
Palladium was 0.6 percent lower at $889.30 per ounce, on track to break a streak of nine-sessions of gains, Reuters reports.
